Sinopec Oil Service (01033) announced interim results. Net profit of 510 million yuan increased by 3.5% year-on-year

According to the Zhitong Finance App, Sinopec Oil Service (01033) announced its 2026 semi-annual results. The group achieved operating income of 37.664 billion yuan during the period, an increase of 1.7% over the previous year; net profit attributable to shareholders of listed companies was 510 million yuan, an increase of 3.5% over the previous year; and basic earnings per share were 0.027 yuan.

In the first half of 2026, the company's geophysical exploration service business achieved main business revenue of RMB 1.70 billion, down 6.2% from RMB 1.81 billion in the same period last year. A two-dimensional earthquake of 3,482 kilometers was completed, an increase of 87.3% over the previous year; a three-dimensional earthquake of 5,429 square kilometers was completed, an increase of 3.9% over the previous year. The two-dimensional and three-dimensional data recording pass rate was 100%, and the first-level yield of seismic data was increased by 1.4 percentage points. In the first half of the year, the company promoted the application of a number of new geophysical exploration technologies, such as drone inspection, drone aerial photography, I-BBS autonomous excitation systems, etc.; successfully implemented 5 earthquake projects in Sinopec Group's internal market, with a contract amount of RMB 160 million, and signed domestic and foreign earthquake project contracts reached RMB 460 million, an increase of 39.8% over the previous year; continued to promote the effective development of new businesses such as wellbore earthquakes, pipelines, surveying and mapping, heavy magnetoelectricity, and environmental energy saving. Among them, the Beidou business showed a continuous growth trend, and the amount of new contracts increased 26.5% year on year. .

In the first half of 2026, the company's drilling services business achieved main business revenue of RMB 18.20 billion, which is basically the same as RMB 18.19 billion in the same period last year. The drilling depth was completed at 5.74 million meters, an increase of 2.5% over the previous year. 54.2% of the annual plan was completed, and the operation exceeded the planned schedule. The company deepened the integrated operation of both parties A and B, strengthened the operation management and technical support of key construction zones and demonstration zones. Service quality and efficiency continued to improve. The “four” drilling results were outstanding, and the average drilling speed of drilling machinery increased by 4.3% over the same period last year. Fanpage 2-6HF completed drilling at a depth of 5867 meters and a drilling cycle of 16.87 days, setting a new record for the shortest drilling cycle for Shengli shale oil; TK169 completed drilling at a depth of 5,400 meters and a drilling cycle of 10.98 days, setting a new record for the shortest drilling cycle at a depth of 5000-5,500 meters; the utilization rate of the drilling rig continued to improve, and the average utilization rate of the drilling team increased by 0.8 percentage points, and the progress of the single team increased 3% year-on-year. Intensive construction and fine reservoir transformation at the Ziyang ultra-deep shale gas deepening well plant broke the kilometer level in one day; the mechanical drilling speed of the horizontal section of Ziping 16 wells increased by 12%; Fuling's normal pressure shale gas fully applied the Idrilling (Yinglong) scientific drilling system, which increased the average speed of the applied well section by 10.5%, and the average drilling cycle shortened by 14.2%; key technology for precision gas research, the drilling cycle of the Sujiahe River in Kawanishi was shortened by 5.4%, and the mechanical drilling speed increased by 7.3%.